New York State Common Retirement Fund Has $12.30 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

New York State Common Retirement Fund trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,093 shares of the technology retailer’s stock after selling 15,450 shares during the quarter. New York State Common Retirement Fund owned approximately 0.07% of Best Buy worth $12,297,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BBY. Cary Street Partners Investment Advisory LLC increased its position in Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 302 shares in the last quarter. Naples Money Management LLC bought a new stake in shares of Best Buy in the 4th quarter valued at $27,000. Stonebridge Capital Advisors LLC boosted its stake in shares of Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 185 shares during the last quarter. Hartford Financial Management Inc. boosted its stake in shares of Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 140 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its stake in shares of Best Buy by 72.5% in the 4th quarter. CENTRAL TRUST Co now owns 1,004 shares of the technology retailer’s stock valued at $79,000 after purchasing an additional 422 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares in the company, valued at $1,823,186.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,520 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock worth $4,253,900 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the topic of a number of analyst reports. UBS Group upped their price objective on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Truist Financial increased their target price on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. The Goldman Sachs Group raised their price objective on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Morgan Stanley raised their price objective on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Finally, Jefferies Financial Group dropped their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $84.60.

Best Buy Stock Performance

NYSE BBY opened at $73.61 on Wednesday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a 50-day simple moving average of $78.05 and a 200 day simple moving average of $74.23. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company has a market capitalization of $15.85 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the company posted $2.61 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 annualized dividend and a dividend yield of 5.11%. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.